Market Definition
Earlier, elevators and escalators were just a symbol of luxury, but now they have become crucial to ensure enhanced accessibility. They are now found in almost every facility — schools, colleges, corporate offices, malls, residences, etc. As technologies are becoming affordable and high-rise buildings are now increasingly common, especially across Saudi Arabia, more & more elevators and escalators are being installed across the country, i.e., instigating manufacturers to expand their production & distribution capacities in order to cater to the burgeoning end-user requirements.
Market Insights
The Saudi Arabia Elevator and Escalator Market is expected to grow at less than 5% CAGR during the forecast period, i.e., 2023-28. Most of the market expansion would be driven by active efforts of the Saudi government toward diversifying the economy away from the oil & gas sector, coupled with massive investments in the development of other industries, such as healthcare, retail, building & construction, tourism, IT & telecom, etc., in line with Saudi Vision 2030. Consequently, the country is witnessing various ongoing & upcoming infrastructural, commercial, & residential development projects, i.e., stimulating elevator & escalator installations and fueling the overall market growth.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 5% |
| Region Covered | Central, East, West, South |
| Key Companies Profiled | Thyssenkrupp Elevator Saudi Arabia, Otis Elevator, Hyundai Elevator, Toshiba Elevator and Building Systems Corporation, Hitachi Elevator, Kone Middle East LLC, Fujitec CoLtd, Schindler |
| Unit Denominations | USD Million/Billion |
With rising urbanization & industrialization, alongside the mounting influx of tourists, migrants, & pilgrims in Saudi Arabia, more and more corporate offices, hotels, resorts, hospitals, malls, etc., are being constructed across the country. Moreover, the increasing number of smart city construction activities, various ongoing industrial expansion projects, increased government support for housing developments, and the rising inflow of FDI (Foreign Direct Investments) are other prominent aspects creating new directions for the key companies operating in the Elevator & Escalator Market to yield significant profits over the coming years.
